Part of your new accountant's role will be involved with budgeting for future years. So you can...

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Part of your new accountant's role will be involved with budgeting for future years. So you can understand where she is coming from, you ask her to talk about the following with you:

Explain how revenue sources are planned and budgeted in nonprofits.

What are some typical key assumptions that must be made in the "revenue sources" budgeting process of nonprofits, and what could cause these assumptions to be invalid?

What are at least 4 of the key revenue assumptions that must be made in a for-profit entity?

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ACCT445-1202B-01 Government/Institutional AccountingAssignment Name:Unit 5 Discussion BoardDeliverable Length:250–300 wordsDetails:Part of your new accountant's role will be involved with budgeting for future years. So you can understand where she is coming from, you ask her to talk about the following with you: Explain how revenue sources are planned and budgeted in nonprofits. What are some typical key assumptions that must be made in the "revenue sources" budgeting process of nonprofits, and what could cause these assumptions to be invalid? What are at least 4 of the key revenue assumptions that must be made in a for-profit entity?The following grading criteria will apply to this assignment: Grading Criteria30%Explain how revenue sources are planned and budgeted in nonprofits.25%What are some typical key assumptions that must be made in the "revenue sources" budgeting process of nonprofits, and what could cause these assumptions to be invalid?25%What are at least 4 of the key revenue assumptions that must be made in a for-profit entity?20%Post a response to the Discussion Board and comment on other postings Objective:? Analyze accounting and reporting requirements for not-for-profit organizations ? Improve research, oral and written communication skills and reinforce ethical and professional business conduct

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Robert · Accepted Answer

Budgets                                                                                                                                      1
Introduction: 
Not for profit organization as well as governmental organizations is disciplined by their 
budgets. The budgets prepared are basically used for planning, controlling, administrating, 
reporting and evaluating. Budgets help in different perspectives of planning which takes into 
perspective different activities like resource acquisition and allocation. They lay the foundation 
for end of period reports and evaluations. At the end of period, budgets are compared with the 
real revenue and spending by the organization for evaluation. 
Revenue sources: 
All the revenue sources and expenditures are brought into focus through Appropriation 
budgets. This budget brings to focus all the revenues and expenditures that are likely to be 
incurred by the organization.

Part of your new accountant's role will be involved with budgeting for future years. So you can understand where she is coming from, you ask her to talk about the following with you: Explain how...

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